Chinese delegation meets Sydney’s blockchain and fintech start-ups

A delegation of about 50 Chinese technology leaders has visited the newly opened Sydney Startup Hub to meet with NSW startups and learn more about the state’s blockchain and fintech capabilities.

The ‘China Blockchain Development Forum’ mission was led by Li Ming, the Director of the China Electronics Standardisation Institute (the Chinese equivalent to Standards Australia) who has responsibility for Chinese Blockchain industry standards.

The Sydney Startup Hub event on Monday provided a unique opportunity for NSW to showcase its blockchain capabilities to some of China’s leading technology businesses and the Chinese peak industry body.

According to the NSW government, it was the most significant Chinese blockchain delegation to visit Australia and aimed to stimulate collaboration between innovative Australian and Chinese companies and explore potential investment in NSW.

“NSW is strengthening its blockchain capabilities, supported by research and development, universities and start-up companies with an increasing interest in this area,” he said.

“Blockchain technology is expected to deliver productivity, security and efficiency benefits to the Australian and global economy.

“While initial applications of blockchain are primarily focused towards financial and legal sectors. there is great opportunity for it to be used in other areas, including the agricultural industry for issues such as food safety, provenance and biosecurity.”

One speaker at the event was Emma Weston from Sydney startup company AgriDigital which is using blockchain to deliver efficiencies and reduce risk across supply chains in the grains industry.

Blockchain technology aims to provide new levels of trust, transparency and security in electronic transactions for businesses, suppliers and customers.

The World Economic Forum has predicted that 10 per cent of global GDP will be stored on blockchain by 2037.

Chinese ecommerce giants Alibaba and JD.com both have blockchain initatives underway to reduced the appearance of counterfeit goods on their platforms imitating Australian products.

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